The Central Bank of China has compiled a list of 11 types of hardware and software that local companies can use in the field of blockchain and financial technology.
Digital products included in the list are subject to mandatory certification. These include mobile terminals in shopping malls, embedded software, user applications, physical media and chips. The list also includes the Trusted Execution Environment (TEE) technology used to create blockchain networks and confirm transactions.
Verification will be carried out using the new verification system of digital and financial products. A company whose product is tested will receive a Certification of Fintech Product (CFP) certificate. The certificate needs to be renewed every three years.
In addition, the authorized bodies can conduct unscheduled inspections at any stage of the manufacture of the product in order to identify possible legal inconsistencies at the time the certificate is valid. At the same time, companies that have received a certificate are prohibited from directly using it for advertising and promoting their products.
The new fintech regulatory system is part of China’s financial infrastructure development initiative. Recall that recently the head of the PRC called for accelerating the introduction of blockchain in the finance industry.